Barton Biggs said U.S. stocks may be approaching a ``bottom'' and the S&P 500 will climb as much as 15 percent this year. ``The markets are digging in here and are in the process of making a bottom,'' said Biggs, a former Morgan Stanley strategist who now runs the $1.3 billion hedge fund Traxis Partners LLC. ``I'm bullish longer term and I'm bullish short term.''

"Biggs, a former Morgan Stanley strategist who now runs the $1.3 billion hedge fund Traxis Partners LLC, said the slump in the so-called subprime mortgage market was ``just another bubble bursting'' and that a recession in the U.S. is ``unlikely.''

wait a SECOND....

"JUST ANOTHER BUBBLE BURSTING"

Is he serious. He says it as if there should be no worries. Does he not understand what the sub prime mortgage fallout has done to the housing market as a whole, that 1.4+ million houses are going into foreclosure and that over $1 TRILLION worth of ARMS are resetting. If this guy is really serious about how its "just another bubbler bursting", then we should create more bubbles if they dont mean anything to the overall economy after they burst.